Crown Castle: King for a Day?

News that the cellular tower owner plans to convert to a REIT elicits a muted response from investors.

If you expect Crown Castle to be the jewel of your portfolio, think again.

As it bids to satisfy income-seeking investors, the cellular tower operator likely expected a better response after announcing that it would convert to a real estate investment trust in early 2014, two years sooner than expected.

With the corporate tax savings allowed by the REIT structure, Crown Castle International (ticker: CCI), which doesn't pay a...